# Blue Cube Germany Assets GmbH & Co.KG vs. Vivimed Labs Ltd.

> NCLT judgment dated 15 Apr 2026. Citation: TCN-2026-NCLT-00375. The Operational Creditor (OC), Blue Cube Germany Assets GmbH & Co. KG, filed a petition under…

- **Court:** NCLT
- **Order date:** 15 Apr 2026
- **Citation:** TCN-2026-NCLT-00375
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/blue-cube-germany-assets-gmbh-cokg-vs-vivimed-labs-ltd-2bbe300b

## Summary

### Background

The Operational Creditor (OC), Blue Cube Germany Assets GmbH & Co. KG, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Vivimed Labs Limited (Corporate Debtor/CD) for defaulting on an operational debt of ₹2,78,60,844/-. The CD had failed to honor its undertaking dated 07.12.2021, with defaults starting from 07.03.2022.

## Facts

Blue Cube Germany Assets GmbH & Co. KG filed a petition under Section 9 of the I&B Code, 2016 against Vivimed Labs Ltd.

The Operational Creditor (OC) is a foreign entity incorporated under the laws of Germany.

The Corporate Debtor (CD) defaulted on an operational debt of ₹2,78,60,844/-.

Dow Europe GmbH entered into an agreement with the CD on 01.01.2012 for the supply of “perchloroethylene”.

The CD placed purchase orders between December 2012 and January 2014.

Invoices were raised between January 2014 and March 2014.

An amount of USD 202,596.24 (equivalent to INR 1,37,76,544.30) remained outstanding and payable by the CD.

The OC became entitled to recover the said dues pursuant to an Asset Transfer Agreement dated 01.05.2015 executed between Dow Europe GmbH and the OC.

…

## Issues and analysis

### Issue 1: Whether the existence of a decree alters the …

**Ratio:** The mere passing of a decree does not alter

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**Reasoning:** The decree continues to be an ‘operational

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**Interpretation:** The debt maintains its character as an operational debt even after a decree is

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**Application:** The existence of the decree establishes the existence of an operational debt

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## Parties

- **Judges:** Sunil Kumar…; Radhakrishna…
- **Appellants:** Blue Cube Germany…
- **Respondents:** Vivimed Labs…; Vivimed Lab…
- **Other parties:** Insolvency and…; Corporate…; +3 more

## Timeline

- **2025-04-30 — Filing of Company…**: The Company Petition was filed by Blue…
- **2026-04-15 — Order Del…**: The Respondent is admitted to CIRP vide…

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